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WEX Inc. (NYSE: WEX) is described as a global commerce platform that simplifies the business of running a business, with specialized expertise in benefits, mobility, and corporate payments. The WEX news feed on Stock Titan highlights company announcements, financial updates, board and leadership changes, and partnership developments that shape how the business operates.
Readers can find coverage of WEX’s earnings releases and segment performance, where the company reports results for its Mobility, Benefits, and Corporate Payments segments. These updates include commentary from management on strategic priorities such as amplifying the core business, expanding reach, and accelerating innovation, as well as discussions of factors like fuel prices, foreign exchange, and macroeconomic conditions that influence results.
The news stream also features governance and leadership items, including WEX’s multi-year board refreshment plan, director appointments, and planned director retirements. Announcements about roles such as the Vice Chair and Lead Independent Director, along with executive appointments like the Chief People Officer, provide insight into how WEX structures oversight and human capital leadership.
In addition, WEX regularly reports on collaborations and integrations that demonstrate how its platform is used in practice. Examples in recent releases include integration of the Tesla Supercharger network into the EV Driver by WEX app, a collaboration with NCR Voyix to enable WEX fleet card transactions at cloud-native point-of-sale systems, and a relationship with Trucker Path to extend fuel discounts from the 10-4 by WEX app to truck drivers.
Investors and observers can use this news page to follow WEX’s financial disclosures, strategic partnerships, technology-related initiatives in mobility and payments, and board-level decisions, all of which are based on the company’s own public statements and regulatory filings.
WEX Inc. reported mixed Q4 2024 financial results, with revenue declining 4% year-over-year to $637 million, while full-year revenue grew 3% to $2.63 billion. Q4 GAAP net income was $1.60 per diluted share, down from $1.98 in Q4 2023, while adjusted net income was $3.57 per diluted share, decreasing 7% from $3.82.
The company's Q4 GAAP operating income margin was 24.7%, slightly down from 25.1% in the previous year. Total volume across segments decreased 6% to $53 billion, with Corporate Payments purchase volume notably declining 27% to $16.5 billion. During Q4, WEX repurchased 773,000 shares for approximately $106 million, bringing the full-year repurchase to 3.3 million shares at a cost of $650 million.
The Benefits segment showed positive metrics with SaaS accounts growing 2% to 20.4 million, and HSA custodial cash assets increasing to $4.4 billion from $3.9 billion year-over-year.
WEX (NYSE: WEX) has announced the expansion of its electric vehicle (EV) charging solution across Europe's commercial fleets. The platform includes both 'En Route' and 'At-Home' solutions, providing access to over 830,000 charge points across Europe through the 'EV Driver by WEX' app.
The solution is currently live in five key markets: Germany, the Netherlands, Belgium, Luxembourg, and France. The platform offers fleet managers comprehensive tools for cost optimization, charging behavior monitoring, and downtime minimization. Research commissioned by WEX shows that 80% of mixed fleet operators plan to have at least 25% EVs by 2030, with one in five French fleets aiming for 100% EV adoption.
WEX plans to expand its EV solutions to Italy and the UK later this year. The platform features Plug&Charge capabilities, real-time insights, and streamlined billing management to simplify the transition to electric vehicles for commercial fleets.
WEX Inc. (NYSE: WEX) has announced it will release its fourth quarter and full year 2024 financial results on Wednesday, February 5, 2025, after market close. The company will publish both a press release and a new supplemental materials packet containing a summary and discussion of fourth quarter performance through their investor relations website.
A conference call will be held on Thursday, February 6, 2025, at 10:00 AM ET, hosted by Chair, CEO, and President Melissa Smith and CFO Jagtar Narula. The call will be accessible via webcast through WEX's website and by phone. A replay will be available until February 13, 2025, through both the website and dedicated phone numbers.
WEX has announced a nationwide partnership with Qmerit to facilitate EV charger installation at commercial fleet drivers' homes. Qmerit will provide comprehensive installation services through its network of 23,000+ certified electricians. Dallas 1, a Florida construction company, reported over 60% savings per vehicle in fuel and maintenance costs using WEX's EV At-Home charging solution.
The WEX EV At-Home program enables commercial mixed-energy fleets to streamline operations with automated reimbursement for drivers and unified billing through WEX's fleet management software portal. The solution calculates driver reimbursements using live utility rates and offers various approval options for charging sessions.
WEX serves over 19.7 million vehicles globally and continues to expand its EV and mixed-energy fleet capabilities. A recent Frost & Sullivan study revealed that while 75% of U.S. fleet operators recognize at-home charging cost benefits, only 23% of commercial drivers currently charge company vehicles at home.
WEX Inc. (NYSE: WEX), a global commerce platform, announced that Chair and CEO Melissa Smith will present at the UBS Global Technology and AI Conference on December 3, 2024, at 12:50 PM ET. The presentation will be accessible via live webcast on the company's Investor Relations website, with an audio replay available for up to 180 days afterward.
WEX has launched two artificial intelligence pilots within its benefits administration platform, My Benefit Express. The first pilot, Benefit Assistant, is an AI agent providing interactive support for over 1,500 benefits-related topics. The second, BeneFITwise Premier, analyzes health claims data to offer personalized financial insights and help employees optimize their benefits selection. Both pilots aim to enhance employee decision-making while reducing HR workload during open enrollment season. The HIPAA-compliant solutions are being tested with select employers to provide 24/7 support for benefits-related queries and personalized plan recommendations.
WEX has launched a new Medicare Advantage marketplace, a digital shopping solution integrated within its Medicare Advantage supplemental benefits platform. The marketplace enables members to purchase eligible over-the-counter (OTC) products and grocery items through an online portal, complementing the existing brick-and-mortar merchant network. The platform offers free and rapid shipping for various products, including prepared meals and fresh foods, along with call center support. This solution aims to increase product access for members in rural areas, those preferring digital experiences, and those needing in-home shopping options. The marketplace is customizable by plan type and provides health plan partners with data insights.
WEX and Holman have expanded their partnership through 2030, extending their 30-year collaboration in fleet mobility payments and technology solutions. The agreement renews their U.S. partnership and expands commercial fleet payments across Canada. Holman will continue using WEX's solutions for internal accounts payable and employee health benefits. WEX processed approximately $225 billion in total purchase volume in 2023 and serves over 600,000 commercial fleet customers globally, representing about 19.7 million commercial vehicles as of Q3 2024.
WEX reported Q3 2024 financial results with revenue increasing 2% year-over-year to a record $665.5 million, driven by 9% growth in Benefits segment. Net income reached $102.9 million or $2.52 per diluted share, while adjusted net income was $177.5 million or $4.35 per diluted share. The company spent $370 million on share repurchases in Q3, including a $300 million accelerated share repurchase agreement. Despite record revenue, performance fell short of expectations due to macro environment challenges, leading to reduced guidance for Q4 2024 with expected revenue between $630-640 million and adjusted net income of $3.51-3.61 per diluted share.
WEX Inc. (NYSE: WEX), a global commerce platform, has announced it will release its third quarter 2024 financial results on Thursday, October 24, 2024, before the market opens. The company will host a conference call at 10:00 AM ET on the same day to discuss the results. Melissa Smith, Chair and CEO, and Jagtar Narula, CFO, will lead the call.
Investors can access the webcast through WEX's investor relations website or by dialing in. The passcode for the call is 2902800. A replay of the webcast will be available on the company's website and via phone until October 31, 2024.
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